There is growing potential for more of the wealth of Thai HNW individuals to stay onshore, according to the views of leading practitioners at the 6th annual Hubbis event for the domestic industry.
More business will be created onshore according to senior market players, who also pointed to regulatory liberalisation efforts in reducing the need to go offshore.
The parts of the wealth which will go offshore will continue to do so for specific reasons such as concerns over issues such as political stability or domestic debt levels.
Further, for the many existing HNW clients who have wealth located offshore, meanwhile, some practitioners said that although they may well keep assets in locations such as Singapore, they are likely to keep more of any additional wealth they create onshore.
Optimism and momentum has been increasing for the Thai wealth management industry to grow in terms of size and capability. This is in the wake of various regulatory and industry initiatives.
These were among some of the key-take-aways from the 6th annual Hubbis event for the leading practitioners across local and international institutions operating in wealth and asset management, as well as insurance.
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